June 5, 2009
Jose Salim Mattar, the founder, CEO and largest shareholder of Brazil-based
Jose Salim Mattar, the founder, CEO and largest shareholder of Brazil-based Localiza Rent a Car has sold 14m shares, or a 6.9% stake, in the company for $89.4m or BRL12.7 per share. The shares were sold on through the Bovespa exchange. Proceeds will be used to pay down debt contracted with UBS Pactual. Localiza says Salim Mattar is still the company’s largest shareholder, owning 26.3m shares or a 13% stake. Localiza shares closed at BRL12.30 on June 4.